Thinking of tying the knot? This is how marriage contracts affect home ownership

There are a number of marital techniques recognised by the South African Deeds Office, every of which is able to affect the property transactions in numerous methods. Understanding this may help owners make good funding selections upfront.

“Buying a home as a married couple can be an exciting step in the couple’s life together. However, it is important to adopt a long-term view on any real estate investment. I would therefore encourage all married couples to understand how their marriage contract will affect them in relation to owning a home together,” says Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa.

Below, Goslett, explains every possibility for registering a home at the Deeds Office.

In Community of Property

This marriage contract is the epitome of what’s yours is mine and what’s mine is yours. In these situations, any home bought between the couple will probably be collectively registered in the title of each spouses. This additionally signifies that when you owned property earlier than changing into married, the property will mechanically kind half of the joint property after you might be married. This signifies that you can not promote the home with out first acquiring the consent of your partner, as he/she is going to now personal that home collectively with your self. A attainable exception is when you inherited a property topic to a situation that stipulated that the inherited property is excluded from any future joint estates.

Out of Community of Property

Also known as an Ante Nuptial Contract (ANC), these contracts usually exist to guard any property going right into a marriage. In these situations, you might be free to personal and buy property in your individual title with out the consent of your partner. However, you might be additionally capable of buy a property collectively if this is what you want to do. These contracts will differ relying on whether or not the ANC consists of or excludes the accrual system. In an ANC with out accrual, the two estates stay separate throughout the marriage. But, an ANC with accrual signifies that whereas the two estates previous to marriage are separated, after the date of marriage the two estates develop into joined and any property might then kind half of the accrual until it is expressly excluded inside the ANC. If the marriage dissolves or there is a dying of a partner, then the objects accrued throughout the marriage (until expressly excluded in the ANC) are break up pretty between the people.

According to Customary Law or Muslim rites

Unless an Ante Nuptial Contract is in place, any customary marriage concluded after The Recognition of Customary Marriages Act 120 of 1998 got here into impact on 15 November 2000 is deemed to be in neighborhood of property and can observe the similar circumstances as defined above. Those who had been married earlier than this Act got here into impact are capable of personal property individually from their partner or they might buy property collectively as co-owners if this is what they like. Pre-2000 Customary Law and Muslim Rites marriages are comparable. But, these married after 2000 below Muslim Rites would take pleasure in comparable advantages of a marriage Out of Community of Property, whereas post-2000 Customary Law marriages are extra just like being married in Community of Property.

According the legal guidelines of a international nation

When a pair is married below the legal guidelines of any nation exterior of South Africa, then the they can personal property individually from their partner and might have the property registered in their very own names. They may select to buy property collectively as co-owners if this is what they like. The solely snag is when the property is offered, whoever is the registered proprietor of the property will have to be duly assisted by their partner to conclude the switch.

“No matter how your marriage is structured, owning property either jointly or separately will help ensure greater financial security for the household. Those who wish to learn more about the topic should reach out to an attorney. To find out what real estate investments are available to them, I would also encourage married couples to get in touch with their nearest agent to see what homes are available within their price range,” Goslett concludes.


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